Data Point
EV Market Monitor – October 2024
Monday November 25, 2024
The U.S. electric vehicle (EV) market is on track for another record-breaking year, with October showing growth in both new and used EV sales. During this period, the gap in days’ supply between new EVs and new traditional models remained wider than the gap for those vehicles in the used market. Meanwhile, the average transaction price for new EVs has slightly decreased and used EV prices are nearing parity with those of traditional vehicles despite fluctuations in the price premium.
New and Used EV Sales – October
New EV Sales: In October, new EV sales reached 106,155 units, marking a 2.3% increase month over month and pushing the year-to-date total over 1 million units. This growth was fueled by incentives and leasing options, with incentives equal to 13.7% of the average transaction price. Additionally, year-to-date through October, new EV sales have risen by 6.8%.
Used EV Sales: Used EV sales continued to grow steadily, reaching 23,788 units and maintaining a 1.6% market share. Year-to-date through October, used EV sales are up 63.5% compared to the same period last year.
New and Used EV Days’ Supply – October
New EV Days’ Supply: In October, the new electric vehicle days’ supply was 101 days. This marks a 6.3% increase from the previous month but a 9.4% decrease compared to the same period last year. The variance indicates a short-term rise in inventory but an overall tightening of supply year over year.
Used EV Days’ Supply: The used EV days’ supply closely tracks internal combustion engine plus (ICE+) models. In October, the used EV days’ supply was 48, just above the 46 days for ICE+ models. It remains stable month over month but is down 22.1% year over year, highlighting the tightening of used EV inventory.
New and Used EV Prices – October
New EV Average Transaction Price: Reviewing pricing trends, the average transaction price for new EVs in October was $56,902, reflecting a 1.2% decrease month over month and remaining flat year over year. Notably, October saw the smallest price premium compared to ICE+ vehicles this year, with the EV price premium at $8,790.
Used EV Average Listing Price: The average listing price of used EVs increased month over month in October to $37,912. However, it remains down 6.4% compared to the previous year. The smallest used EV price premium this year was in April at $1,489, compared to $4,790 in October.
The EV Market Monitor gauges the health of the new and used electric vehicle (EV) markets by monitoring sales volume, days’ supply and average pricing. Each metric will be measured month over month and year over year. For a detailed new-EV sales report, see the Q3 Electric Vehicle Report, the official quarterly report of EV data.
Stephanie Valdez Streaty
As the Director of Industry Insights for Cox Automotive, Stephanie Valdez Streaty is responsible for research and analysis, specializing in the transition to electric vehicles. Her focus is providing insights to clients and the industry on key trends impacting electrification. Previously, Stephanie was the Senior Director of Corporate Responsibility for Cox Automotive, where she was responsible for building and executing the sustainability strategy across the company.
